Macquarie report today positive on central bank gold purchases, with banks remaining on the buy side, a situation likely to extend into H2 2014

Macquarie report today positive on central bank gold purchases, with banks remaining on the buy side, a situation likely to extend into H2 2014. The Macquarie note states: Central banks remained firmly on the buy side of the gold market in 1H 2014, with net purchase of 113t. Purchases accelerated in 2Q, but with three countries - Russia, Iraq and Kazakhstan - accounting for almost all of them we expect the rate to slow again in 2H 2014. Sellers remain few and far between however, and the official sector is likely to remain on the buy-side for the foreseeable future.